Nasdaq approves the continued listing of the company following the acquisition of a further 50% stake in Yuanyu Enterprise Management, bringing its total ownership to 70%.
YYAI will remain the company’s ticker symbol on Nasdaq.
YYAI will commence trading at the opening of the market on Friday, November 22.
Windsor Mills, MD, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Connexa Sports Technologies Inc. (Nasdaq:YYAI) is pleased to announce that it has received Nasdaq approval for its continued listing following the acquisition of a further 50% ownership stake in Yuanyu Enterprise Management Limited (YYEM), a Hong Kong-based entity focused on the global Love and Marriage sector. As already approved by Connexa’s shareholders, upon completion of this acquisition Connexa will undergo a change of control, appoint new directors and effect a spin-off of the Slinger Bag business.
The new Connexa entity will continue to trade under the YYAI ticker symbol, with trading commencing at the opening of the market on Friday, November 22, 2024.
“Over the past year, Connexa’s management and board of directors have worked to secure meaningful enhancements to its shareholder value. Nasdaq’s approval of the YYEM acquisition will allow Connexa to increase its ownership stake in YYEM to 70%, and reaffirms the strategic direction taken by Connexa’s management, board and shareholders earlier this year to acquire YYEM, a company and business that has a strong balance sheet and exciting growth prospects, both of which will drive the expected added value for all of our shareholders,” commented Mike Ballardie, CEO of Connexa.
“Having come to understand the emerging business sector in which YYEM operates, and in realizing the scope of its global growth opportunity, I am in no doubt that YYEM will provide all existing Connexa shareholders an opportunity to share in their future success,” concluded Ballardie.
Established in November 2021, YYEM is based in Hong Kong and operates in the emerging Love and Marriage market sector, where it owns significant proprietary intellectual property (IP) unique to this business sector, covering its online presence and underpinning its matchmaker operations. It owns six technologies related to the metaverse and five AI matchmaking patents, which together enable access to both Augmented Reality (AR) and Extended Reality (XR), enhancing its future revenue growth potential. YYEM’s AI technology can also integrate with existing Big Data models and other larger AI models, such as Huawei Pangu 3, a feature designed to operationalize its AI and hone its technologies to create significant business value by helping its licensees deliver effective matchmaking services and helping their clients find successful life partnerships.
YYEM has already proven its business model, with one licensee partner integrating YYEM’s technology with their operations across a network of retail stores, the number of which is expected to grow substantially over the coming two years.
Mr. Zhou, Chairman of YYEM, commented, “I am delighted that Nasdaq has completed its review process and approved the acquisition of YYEM. As a company, we are excited about the opportunity that this provides not only to trade on Nasdaq but also to drive the growth and development of the global Love and Marriage sector.”
The completion of the acquisition of a further 50% ownership stake in YYEM remains subject to other closing conditions. Connexa, as appropriate, will make further public announcements regarding the completion of the acquisition.
About Connexa Sports Technologies:
Connexa Sports is a leading connected sports company delivering products, technologies, and Sport-as-a-Service across a range of sport verticals. Connexa’s mission is to reinvent sports through technological innovation driven by an unwavering focus on today’s sports consumer.
Yuanyu Enterprise Management Co., Limited (YYEM) operates across the rapidly emerging Love and Marriage sector. YYEM owns numerous patents, technologies and algorithms that drive its big data and matchmaking analyses, deriving its current revenues from royalties.
This press release contains forward-looking statements. Statements that are not historical facts, including statements about beliefs or expectations, are forward-looking statements. These statements are based on plans, estimates, expectations and projections at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Factors that could cause actual results to differ materially from those described in this press release include, among others:
uncertainties as to and the completion of the share exchange agreement, including the risk that one or more of the transactions may involve unexpected costs, liabilities or delays;
the risks associated with the company’s relatively low public float, which may result in the company’s common stock experiencing significant price volatility;
the effects that the consummation of the proposed acquisition of YYEM and the spin-off of the Slinger Bag business may have on the Company and its current or future business and on the price of the common stock;
the possibility that various closing conditions for acquisition of YYEM and the spin-off of the Slinger Bag business may not be satisfied or waived, or any other required consents or approvals may not be obtained within the expected timeframe, on the expected terms, or at all;
the effects that a termination or suspension of the acquisition of YYEM and the spin-off of the Slinger Bag business may have on the company, including the risk that the price of the common stock may decline significantly if the acquisition of YYEM and the spin-off of the Slinger Bag business is not completed;
uncertainties regarding the company’s focus, strategic plans and other management actions;
the risks associated with potential litigation related to the transactions contemplated by the acquisition of YYEM and the spin-off of the Slinger Bag business or related to any possible subsequent financing transactions or acquisitions or investments;
uncertainties regarding general economic, business, competitive, legal, regulatory, tax and geopolitical conditions; and
other factors, including those set forth in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended April 30, 2024 and subsequent Quarterly Report on Form 10-Q.
Forward-looking statements included in this report speak only as of the date each statement is made. Neither the company nor any person undertakes any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.
